The massive real estate correction that began in 2008 is causing investors to rethink how they design, implement and monitor their investment programs. In the new investment climate, new questions have risen: Did the use of leverage improve risk-adjusted performance or was it simply a tool to amplify returns? Did the early success of some funds breed ever-larger funds that were doomed to fail? What is the relationship between investment vintage period and the economic cycle?

Way back in the 1980s, Alvin Toffler wrote a neat little book he titled Future Shock. Toffler’s main concern in that book was the impact technology was having on our lives. The problem? That the flow of information and the pace of change eventually would accelerate far beyond our limited ability as human beings to absorb, process and cope with it all. The future Toffler predicted clearly has arrived.

The global recession ended in 2009, but echoes of the financial crisis persist. To mix metaphors, the credit bubble has a very long tail. In private equity real estate, for example, deleveraging is going to take time. In the listed sector, the deleveraging process was brutal and fast. Not every company survived.